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The morning bond rally held pace
in the afternoon leaving the 10-year yield to finish around the 2.15% mark
and MBS up 22 bps.
The developing story out of this mornings disappointing jobs report is that
traders still believe the Fed rate hike in June is imminent but the odds of
a September hike have decreased somewhat. With equities closing at a record
high for the second day in a row it's hard to argue that one data point
would throw the Fed off of a long-term goal to normalize interest rates.
Have a great weekend.
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